The move came in a bid to decrease production costs as gold prices plummeted.

“The agreement to divest Yilgarn South demonstrates further progress as we work to optimise the company’s portfolio and maximise free cash flow in line with our disciplined approach to capital allocation,” Barrick’s CEO Jamie Sokalsky said in a statement.

“I’d like to extend my gratitude and appreciation to our Yilgarn South employees, who have made a significant contribution to Barrick over many years.”

The three WA mines had all-in sustaining costs of $US1137 an ounce, which was just below the worldwide average.

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